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Sequoia draws down from RBS leverage facility, proposes equity issue
Guernsey-based closed-ended fund Sequoia Economic Infrastructure Income Fund has drawn a hefty chunk of its £100m multi-currency leverage facility with the Royal Bank of Scotland in order to take advantage of what it considered to be an "attractive pipeline of investment opportunities".
On top of the $55m drawdown, Sequoia told investors on Wednesday that it was considering an equity issue in order to increase its capital base, the proceeds of which would go towards repaying its debt under the facility and provide capital for its pipeline.
The timing, size and price of the potential issue were not announced but, the FTSE 250-listed investment trust noted that a maximum of 73m new shares would be issued if it were to go ahead.
As of 1000 BST, shares had lost 0.47% to 105.50p.